LANGLEY, British Columbia, Jan. 10, 2007 (PRIME NEWSWIRE) -- Nitro Lube, Inc. (Pink Sheets:NTLB) today announced that its Board of Directors has voted to forward split the company's common stock three for one. To receive the three for one forward split, you must be a shareholder of record at 5:00 P.M. EST Friday, January 19, 2007, the effective time of the split. On that date each shareholder of record will be entitled to three shares of common stock for each share of common stock held. At the opening of business on Monday, January 22, 2007, the stock will trade on a post split basis.
Nitro Lube, Inc. currently has 36,662,194 shares issued and outstanding, with a trading float of 5,200,000. After the forward split there will be 109,986,580 shares issued and outstanding, with a trading float of 15,600,000.
Jason Rite, CEO of Nitro Lube Inc. stated, "Nitro Lube's management wishes to reward its loyal shareholders with this forward split. The forward split expresses the confidence our board has in the Company's future and will allow for significantly enhanced liquidity for our shareholders."
He added, "Management will continue to make announcements to update its shareholders and interested parties regarding any additional business activities in the days and weeks ahead.
About Nitro Lube, Inc.
Nitro Lube, Inc. is engaged in the business of manufacturing and worldwide marketing of ultra performance lubricants and fuel conditioners designed to perform in extreme temperatures. All products produced and sold by NTLB contain the revolutionary "PMF 2000" formula. Nitro Lube, Inc. has offices in Langley, BC, Las Vegas, NV and Indian Wells, CA. The company maintains a website at http://www.nitrolube.com.
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Nitro Lube, Inc., and members of management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. These risks and uncertainties include, among other things, volatility of market prices, product demand, market competition, risks inherent in the Company's international operations, and the Company's ability to expand. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.